To the casual observer, the wealthy seem to have the world by the tail. However, in the event a wealthy couple’s marriage comes to an end, the resulting high asset divorce can quickly become a nightmare for the parties involved. Regardless of one’s own personal resources, Kentucky residents who are facing this prospect may be best served by consulting with experienced professionals.
The main goal of either spouse in the midst of a divorce is to ensure that he or she receives an equitable share of the marital assets. In many unions where the marital assets equal $5 million or less, it is recommended that the two parties avoid litigation to reach a settlement, as legal fees may mitigate any advantages a spouse may gain. In a divorce where the assets exceed $10 million or more, it may be advantageous to take several steps to off-set the cost of a divorce.
Part of one’s wealth may come from ownership of a closely held company. This may pose a threat to the future of the company, and the financial well-being of one or both spouses if they are unable to agree on the best method of obtaining a valuation of the company. Financial professionals urge business owners to draft a post-nuptial agreement before there are signs of marital trouble, in order to set forth how the company would be evaluated in the event of a divorce. Ideally, whenever possible, they recommend that business owners request that stakeholders also sign an agreement, stating that they will not attempt to intervene in how the business is valued in the event of a divorce.
Lastly, in a marriage where one spouse does not hold assets of his or her own, it is suggested that he or she hire assistance to ensure that his or her interests are protected during a high asset divorce. Kentucky residents preparing to file for a dissolution have many matters to settle. An experienced attorney can provide knowledgeable guidance in reaching the best settlement agreement to meet one’s needs.